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EXCEL - IDEA: XBRL DOCUMENT - Novagen Ingenium Inc.Financial_Report.xls
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v2.4.0.6
7. BUSINESS COMBINATIONS
9 Months Ended
Sep. 30, 2012
Business Combinations [Abstract]  
NOTE 7: BUSINESS COMBINATIONS

On June 25, 2012, the Company acquired all of the issued and outstanding shares of Renegade Streetwear Pty Ltd., an Australian company (“Renegade”), for consideration of 400,000 shares of common stock in Novagen Solar Inc. As a result of the acquisition, Renegade is a wholly owned operating subsidiary of the Company. The estimation of fair value of the assets and liabilities obtained as a result of the acquisition is as follows:

 

    Fair Value
    $
Purchase consideration        
Equity issued (400,000 shares of common stock)     76,000  
         
Fair value of assets and liabilities obtained        
Cash and cash equivalents     168  
Receivables     293  
Inventories     140,842  
Property, plant and equipment     333,772  
Payables     (399 )
Identifiable assets and liabilities acquired     474,676  
         
Gain recognized on bargain purchase     398,676  

  

On September 27, 2012, the Company acquired all of the issued and outstanding shares of Y Engine Developments Pty Ltd from a director of the Company for one share of its common stock. The preliminary estimation of the fair value of the assets and liabilities obtained as part of this transaction is $1. See also Note 6.